Developer reports a 56% rise in Q4 profit, boosted by insurance payout of Dh301m against costs of fire that gutted property
Dubai: Dubai’s Emaar Properties intends to reopen its landmark Address Downtown hotel by the end of the year, some two years after the skyscraper was gutted by fire following an electrical fault, its chairman told Al-Arabiya TV on Tuesday.
Mohammad Alabbar was speaking on Tuesday after the developer reported a 56 per cent rise in fourth-quarter net profits, boosted by higher revenue from property developments as well as the performance of its malls and hospitality businesses.
In a statement detailing its earnings, the company didn’t mention the impact on its results of the Dh1.22 billion ($332 million) it was due to receive from an insurance claim for the Address Downtown fire.
The firm said on February 6 the insurance payout would result in a writeback of the Dh301 million provision it made in its 2015 results against the costs of the fire and would be recorded as income in the quarter ending December 31, 2016.
On Tuesday the company reported a net profit of Dh1.61 billion for the quarter, up from Dh1.03 billion in the same period of 2015, while revenues were up 16 per cent at Dh4.44 billion.
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